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Concerns over Greece, interest rate hike hit stocks

Friday, June 12, 2015 - 01:48

U.S. stocks ended the day lower on Friday as concerns over Greece as well as when the Federal reserve might raise interest rates weighed on markets. Leah Duncan reports.

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U.S. stocks ended the day lower on a setback in Greek debt talks. Plus, a string of positive economic data made traders worry about the possibility of an interest rate hike in September. For the week, stocks were mixed. The May producer prices index posted its biggest increase since 2012, mostly due to markups in gasoline and food. Consumer sentiment for June came in better than expected. All that good economic news made investors edgy ahead of the U.S. Federal Reserve policy meeting next week - the central bank's last meeting before September - which may provide clues on the timing of an interest rate hike. Exxon Mobil's shares were down after a mechanical failure in one of its refineries in California. FedEx joined the slide. The package delivery company said it would record a more than $2 billion non-cash pretax charge related to a change in the way it accounts for pensions. On the flip side, Dallas based chicken wing restaurant chain Wingstop soared almost 70 percent in its debut on the Nasdaq. Shares price at $19 a share, above the $16 to $18 range... valuing the company at more than $900 million. Also in the headlines... Reuters exclusively reported that BlackBerry is considering equipping an upcoming smartphone with Google's Android software. BlackBerry's stock rose slightly.. And over in Europe, a Greek government official told Reuters Athens was ready to submit counter-proposals to bridge differences with its creditors and resume negotiations in Brussels on Saturday. But all of those concerns weighed on European shares.

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Concerns over Greece, interest rate hike hit stocks

Friday, June 12, 2015 - 01:48